I have come to know that for this mill Japanese investor have procured the most modern, state of the art plant & machinery manufactured by the world's best plant manufacturers. The level of automation being of a level that will be a mix of automatic & manually operated plants. This will help our engineers & technicians to learn the best technology at a very fast pace. I wish you success in your endeavours.

The ground breaking ceremony of Aisha Steel Mills Limited is a significant event commencing an era of modern steel industry in Pakistan. This Cold Rolling Complex will be the first and the largest of its type in the country in private sector.

Aisha Steel Mills Limited project is the result of government's investment friendly policies and continuous support to the foreign investors. The Cold Roll Steel Mill being established will be an important addition to Pakistan's industrial sector. It will produce a type of steel not currently under production in Pakistan. Besides its import substitution benefits, the project will generate much-needed employment opportunities.

The technology, the expertise and the foreign investment that this project brings will help improve Pakistan's competitiveness in this sector and other downstream industries linked with it.

The investor friendly economic policies of the government have resulted in increasing the per capita consumption. With the establishment Aisha Steel Mills Limited which is targeting the Automobile Industry will be able to use the locally produced material thus reducing the imports.

Now is the best time for the steel industry as the entire world is in an economic cycle including the steel industry with the result that consumption of steel in the world is rising continuously and we must all benefit from this situation.

I wish the sponsors success in completing the project and going into production as soon as possible. I also hope that soon after going into production the sponsors will launch the expansion phase aimed at increasing the production capacity to 350,000 tonnes from the initial capacity of 220,000 tonnes.

I am pleased to know about the Ground Breaking Ceremony of Aisha Steel Mills Limited, Karachi which is being established in the down stream Industrial Estate of Pakistan Steel. The establishment of steel mills in the country by Japanese investors indicate the confidence and trust of the investors in country's industrial health.

I on my behalf promise to provide full support to this project and ensure that all hurdles in the project are removed so that this mill is commissioned in the shortest possible time.

It gives me immense pleasure to attend the Ground Breaking Ceremony of Aisha Steel Mills today. Infact, Aisha Steel Mills is the brain child of Mr Hasib Rehman, President, Universal Metal Corporation, a Pakistani, based in Japan.

He discussed the idea of setting up a Cold Rolling Mill in Pakistan with me in 2002. After receiving my positive response, he started the work on project, which materialised today.

Metal One Corporation Japan is one of the sponsors of Aisha Steel Mill. In 2003, the steel divisions of Mitsubishi Corporation and Nissho Iwai Corporation established a new company and named it Metal One Corporation. Mitsubishi Corporation has a 60% stake in the company whereas Sojitz Corporation has 40%.

Metal One Corporation after the merger has skilfully integrated the two different has set-ups and placed the focus of management on the reorganisation and unification of the two operating Units for optimum managerial efficiency.

The main equipment of Aisha Steel Mills is being imported from world reputed JP Steel Plantech Co, Japan which was formed in 2001 by consolidating the resources of four builders namely Kawasaki Heavy industries, JEF Engineering, Hitachi Zosen, and Sumitomo Heavy Industries. It has a proven record in helping the Japanese Steel Industry to lead the world in production, technology and product quality by offering a full range of iron and steel making plants and equipment and innovative technologies.

Currently the demand of Cold Rolled Coils in Pakistan is 445000 tons per annum against local production capacity of 140000 tons, a gap of 305000 tons. The demand of CR Coils will further increase in the coming years, as the automobile and domestic appliances industries are growing at a vary rapid speed. With the setting up of Aisha Steel Mills, the required quality material will be available to these industries at door step without making big investment in inventory, as in case of import.

Aisha Steel Mills will provide employment opportunities to 1500 engineers and technicians directly or indirectly. Moreover, the transfer of new technology will upgrade the knowledge of Pakistani engineers and technicians. The participation of Japanese entrepreneurs in the equity of Aisha Steel will further enhance the business relationship between Japan and Pakistan. May God bless this project with enormous success.

First of all, I would like to thank God, Almighty who blessed us with the strength to contribute for the economic development of the country through establishment of industrial projects particularly the capital goods industries. The idea of setting up a state of the Art High Tech Cold Rolling Mill in Pakistan was conceived by me in 2003.

There were so many loose ends to be tied up that at times it looked like an impossible dream, which realised today. The sponsors of Aisha Steel Mills are reputed foreign and local investors with vast experience in steel business. They are Universal Metal Corporation, Japan, Metal One Corporation, Japan and Arif Habib Securities.

The largest Cold Rolling Mill with an initial capacity of 220000 tons is being set up for the first time in the private sector. Aisha Steel Mills will manufacture Cold Rolled Coils with a thickness ranging from 0.15 mm to 1.5 mm to cater the requirements of the Automobile, Engineering and Domestic Appliances industries. With the setting up of Aisha Steel Mills these industries will get a boost, as the required material will be available locally and the manufacturers in these sectors will not have to maintain high cost inventories of imported material.

Pakistan economy has shown impressive growth of 7% per annum for the last 6-7 years. The high growth of GDP is accompanied by expansion in various sectors of the economy, particularly bringing a surge in the demand for steel. The engineering vision 2010 approved by the President of Pakistan in August 2002 also contributed to the expansion in the steel sector. Currently, over 300000 tons of Cold Rolled Coils are being imported to cater the local demand.

The project will provide direct and indirect employment to 1500 persons. On attaining full capacity, the foreign exchange saving through import substitution will be about US $45 million per annum and the contribution of duties and taxes to the national exchequer Rs 2 billion per annum. In the end, I would like to place on record my deepest gratitude to Mr Shoukat Aziz, the Prime Minister of the Islamic Republic of Pakistan, Mr Kamran Niaz, Pakistan's Ambassador to Japan and an array to senior Government functionaries for their support to the project.

We are pleased that the Metal One Corporation, Japan and Universal Metal Corporation, Japan have invited us to participate in this unique project as their domestic partner.

With the expertise of Metal One, the largest metal trader in the world, its parents Mitsubishi Corporation and Sojitz Corporation and of Universal Metal Corporation, the project is bound to be successful God willing.

The Arif Habib Group has been making investments in various sectors in Pakistan by participating in acquisition and expansion of existing units and putting up green field projects in areas of Cement, Fertiliser, Steel and Real Estate. We have been encouraged in expanding capacity and putting up additional projects by the stable and business friendly economic policies of the Government.

Aisha Steel Mills will be another addition to the industrial base of Pakistan with a capacity of 220,000 tons of cold rolled coils and workforce of over 450. We are confident that with the continuity of positive economic policies of the Government, Aisha Steel Mills will represent a resumption of increased Japanese investments in Pakistan.